New Business Venture

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New Business Venture by Mind Map: New Business Venture

1. BUSINESS NAME IDEAS

1.1. EMP GUIDE

1.2. EMPOWER GUIDE

1.3. Enhanced Muscle Growth Programming

1.4. Muscular Adaptation Training

1.4.1. M.A.T

1.5. Empowered Bodies

1.6. EMMAFITUK

2. CUSTOMERS

2.1. 17-35 year olds

2.2. females

2.3. psychographics/demographics

2.3.1. Likes to go to the gym, follows lots of instagram and youtube fitness enthusiasts, wears gymshark and ryderwear. Enjoys socializing and taking selfies with friends. Concerned with aesthetics and likes to wear on trend athleisure on a daily basis.

2.3.2. Hobbies include online shopping, watching youtube videos, social scroller, instagram user, coffee dates with friends, occasionally goes out for drinks on the weekend with her friends, health conscious and enjoys cooking nutritious meals and making healthy recipes, regularly posts selfies on instagram.

2.4. Socio Economic scale: Class D semi- and unskilled workers (in training/ students) AND those in Class C1/B

2.5. gen Z, a digital native within the ‘Gen-Me’ segmentation.

2.6. Those who take training seriously but perhaps can't afford an online coach or personal trainer

2.6.1. They're sick of not seeing progress and would like a well structured, researched, muscular adaptation programme so that they can finally see body composition changes

3. COMPETITION

3.1. In person personal trainers

3.1.1. a closer relationship with their clients is their competitive advantage - plus the 1 to 1 in person support

3.2. Instagram influencers with a high following

3.2.1. they have a competitive advantage due to increased reach on social media - more followers - more potential customers

3.3. online coaches

3.3.1. Predominantly a male market - most online coaches are males

4. PRICING

4.1. £30-£60

4.1.1. do primary market research on customer avatar/ target demographic

4.1.1.1. google forms/ survey monkey

4.1.1.2. use a swipe up feature on instagram to get people to fill out my market research form

4.1.2. MARKETING

4.1.2.1. #1: INSTAGRAM

4.1.2.1.1. SWIPE UP LINKS/LINK IN BIO when the product goes live

4.1.2.2. Create a marketing video: Ben Mark? Previous photographer I've worked with

4.1.2.2.1. to do: message ben and ask how much it would cost to create a marketing video and film my exercise demo's

4.1.2.3. Video Marketing: WHALECAKE: company I've worked with in the past for video creation

4.1.2.3.1. to do: message WEZ and ask how much it would cost to create a marketing video and film my exercise demo's

4.1.2.3.2. marketing video: pay to promote these on instagram with facebook ads

4.1.2.4. Continue providing free content (freemium model) to encourage my followers/ target demographic to purchase my guide

4.1.2.4.1. daily instagram posts, workout videos, photos with informative captions

4.1.2.5. Create a page on my website for my guide with a direct link to purchase

4.1.2.6. Ask clients to leave reviews and write testimonials: EWOM advertising

4.1.2.6.1. use an incentive: if you could write an HONEST post/story on instagram recommending me and talking about your experience working with me and our training plans, I'll give you 50% off your next months payment or buy you a pair of leggings/ gym bar

4.1.2.7. I will be encouraging my customers to spark engagement online by sharing their journey through utilising the following hashtags

4.1.2.7.1. #empowergirls #empowertraining #EMPguide #empowerguide

4.1.3. look and compare the training guides on the market and what their price is

4.1.3.1. compare length of the plan/ content/ visual aesthetic/ value/ credibility of the creator of the plan

4.2. Early bird - new launch offer?

4.2.1. discount for the first 2 days?

4.2.2. discount for the first 20 buyers

5. SELLING PLATFORM

5.1. shopify

5.2. my website

5.2.1. a members site on my website

5.2.1.1. not sure how I would do this - may have to hire a web developer

5.3. payhip

5.3.1. easy - effective - 5% commission on every sale but free to use (no member fee)

5.4. SELZ.COM

5.4.1. provides authors with a complete eCommerce solution, plus marketing tools and resources: $17 a month with a 2% transaction fee

5.5. fiverr.com

5.5.1. large + popular site but you have to manually email the ebooks after every purchase: creates additional manual labour

5.6. ejunkie.com

5.6.1. no transaction fee or transaction limit: flat monthly subscription fee.

6. USP

6.1. My guide fills a gap in the market of that middle ground between a 6 week guide and an online coach- it delivers results over the long term and provides nearly 4 months of structured phased training whilst being a financially viable option for my target market.

6.1.1. It's different to the existing guides on the market. The current market is saturated with generic 6-8 week guides

6.2. Nearly 4 months (15 weeks) of PHASED training to enable your body to adapt and progress

6.2.1. I will focus my marketing efforts around the sales funnel in order to take potential customers on a journey from passively aware to emotionally engaged and then towards advocacy where my brand will benefit from referrals, recommendations and new customers.

6.2.1.1. Using a series of build up momentum announcements on social media talking about a secret project I’m working on to spark interest

6.2.2. The guide encourages users to track the weights/ reps they're doing and apply progressive overload each week.

6.2.2.1. The idea is that once the 15 weeks has finished, the user then cycles back round and starts the phase 1 (strength phase) again but by progressively overloading and adding more load

6.3. 3 distinct phases: strength, hypertrophy and adaptation to allow the user to undergo a range of training modalities

6.3.1. the third phase of the guide has a individualised element as it allows the user to 'bring up' certain body parts and modify the plan to their specific body composition goals

6.4. Video demonstrations on an unlisted youtube video

7. PDF- EBOOK CREATION

7.1. CANVA

7.1.1. free, easy to use, I have lots of experience using Canva

7.2. IN-DESIGN

7.2.1. will have to pay for the monthly subscription service but this will ensure my guide looks high quality with five star design elements

7.2.1.1. reinforces my credibility and adds an element of professionalism

7.2.1.2. will enable me to charge a higher price point if it looks more professional

7.3. ETSY- Purchase a template

7.3.1. can modify to make it my own brand - saves time?

7.4. Watch YOUTUBE videos on how to use in design, how to create ebooks

7.4.1. The actual training guides (3 phases) will be 3 PDF downloads with clickable links to an unlisted youtube channel with video demonstrations

7.4.1.1. PHASE 1: STRENGTH

7.4.1.2. PHASE 2: HYPERTROPHY

7.4.1.3. PHASE 3: ADAPTATION

7.4.1.4. There will also be a downloadable e-book which will have all of the information on training technique, how to navigate the guide and execute the plan, tips, F&A, tips and guidance, info on progressive overload, a glossary of training terms. This will be the aesthetic and well designed element of the guides.

7.4.1.5. Can be printed to track progress OR encouraged to copy and paste to google docs, download the app so that users can easily track their progress each week

8. PEOPLE/HR

8.1. I will be creating the ebook, training guide and performing the exercise demo's myself so I don't need any other staff/ people

8.2. VIDEOGRAPHER

8.2.1. I could film the exercises myself/ hire a space in a gym and get a friend to film on my camera : more cost effective but less professional

8.2.2. look into cost

8.2.3. marketing campaign/ exercise demo's

9. FINANCE

9.1. cost of marketing

9.1.1. If creating a marketing video and having exercise demo's filmed professionally, how much will this cost?

9.1.1.1. pay upfront or installments?

9.2. cost of ebook creation

9.2.1. in design? purchasing a template?

9.3. cost of selling platform

9.3.1. transaction fee or monthly subscription service? work out what would be more cost effective?

9.4. SOURCE OF FINANCE???

9.4.1. my personal savings/ income from online coaching

9.4.1.1. PROFIT REINVESMENT

9.5. overheads/ operations = 0

9.5.1. online product = no ongoing costs after the initial product has been created: unless I want to invest in more marketing in the future